Home » Press release: PJSC Uralkali welcomes the decision of a U.S. Court to compel a member of the Racing Point consortium to provide documents and testimony relevant to its claim against the administrators of Force India Formula One Team

Home » Press release: PJSC Uralkali welcomes the decision of a U.S. Court to compel a member of the Racing Point consortium to provide documents and testimony relevant to its claim against the administrators of Force India Formula One Team

21/12/2018

Press release: PJSC Uralkali welcomes the decision of a U.S. Court to compel a member of the Racing Point consortium to provide documents and testimony relevant to its claim against the administrators of Force India Formula One Team

Uralkali (the Company; Moscow Exchange: URKA), one of the world’s largest potash producers, is pleased that the U.S. District Court for the Southern District of New York issued an order earlier this week compelling Mr. John D. Idol, the CEO of Michael Kors, to provide documents in his possession which are relevant to Uralkali’s claims brought in the U.K. against the administrators of Force India Formula One Team (“Force India”). Mr. Idol is one of the members of the consortium formed by Racing Point in connection with its bid for Force India.

Uralkali has filed a similar application against another member of the consortium, John McCaw Jr., which is pending in the U.S. District Court for the Western District of Washington, while similar applications against other members of the consortium are being considered.

These applications were made to obtain information relevant to the claim filed by Uralkali on September 28, 2018 in the High Court of London against the joint administrators of Force India, Geoffrey Paul Rowley and Jason Daniel Baker, seeking damages caused by their misrepresentations and negligence in conducting the bid process for the sale of Force India. Uralkali continues to pursue its claim and looks forward to proving the administrators’ liability for selecting Racing Point’s inferior bid over that put forward by Uralkali.

Uralkali (www.uralkali.com) is one of the world’s largest potash producers and exporters. The Company’s assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Territory, Russia). Uralkali employs ca.11,000 people (in the main production unit). Uralkali’s shares are traded on the Moscow Exchange.